This paper explores the consequences of extremely low real interest rates in a world with integrated but heterogenous capital markets, nominal rigidities and an effective lower bound (a ZLB for simplicity). We establish four main results: (i) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (ii) Beggar-thy-neighbor currency and trade wars provide stimulus to the undertaking country at the expense of other countries; (iii) (Safe) public debt issuances and increases in government spending anywhere are expansionary everywhere; (iv) When there is a scarcity of safe assets, net issuers of safe assets import the recession from abroad.

中文翻译：

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零下限的全球失衡与政策战争

本文探讨了在具有集成但异质的资本市场，名义刚性和有效下限（为简化起见，ZLB）的世界中极低的实际利率的后果。我们建立了四个主要结果：（i）在ZLB中，债权国将其衰退出口到国外，我们用新的Metzler图来说明这一点；ii以邻为壑的货币和贸易战向承办国提供了刺激，却损害了其他国家；（III）（安全）的公共债务发行和增加政府支出的任何地方都是扩张性的无处不在; （iv）当安全资产稀缺时，安全资产的净发行人从国外进口衰退。